Victorian Plumbing finishes financial year ahead of consensus market expectations
Online bathroom retailer, Victorian Plumbing, said its financial year finished positively, with revenue, earnings and cash flow all ahead of consensus market expectations.
The Skelmersdale-based group published a trading update for the year to September 30, 2022, today.
It said second half revenue was up around five per cent on last year, with a particularly strong fourth quarter performance with revenue for the full year broadly unchanged from fiscal year 2021, an increase of approximately 78% when compared with 2019, pre-COVID.
Against a wider bathroom market that is down year on year, the group said this establishes Victorian Plumbing’s position as the No. 1 bathroom retailer in the UK.
At the same time, through a combination of carefully controlling prices and ongoing proactive management of the supply chain, gross margins have improved in the second half, versus the first.
The group said it continues to be highly cash generative and will start the new financial year with in excess of £43m of net cash. It said: “We have maintained a strong inventory position in order to maximise availability and minimise the risks from supply chain disruption.
“Whilst the operating and economic environment is challenging, as a highly cash generative business with a strong balance sheet and growing momentum through 2022 we enter the new financial year with confidence in our plans for further progress.”
The group will announce its preliminary results for the year ended September 30, 2022, on December 6.